Regulation CC, also known as the Expedited Funds Availability Act, establishes the basic rights, liabilities, and responsibilities financial institutes have regarding the availability of deposited funds.
Regulation CC also outlines the rules and regulations banks must follow pertaining to substitute checks. This course provides an overview of funds availability rules, required notices, returning of checks, and substitute checks. This course is intended for frontline staff and those who make decisions regarding holds and the paying of checks.Learning Objectives:
- Acknowledge when funds must be made available for withdrawal
- Know when and how to notify the customer of delayed availability
- Review that you and your bank are disclosing the bank's funds availability policy accurately
- Ensure the return of a check to the deposit bank is done in a timely and correct manner
- Understand the basic rules regarding Check 21 and substitute checks
- Availability Schedules
- Exception Hold Notices & Fees
- Funds Availability Policy & Disclosures
- Returning of Checks
- Check 21/Substitute Checks
Rev–Jun. 2020.Course length ≈ 24 minutes.
This course is worth 0.5 CPE credit.